Driven by innovative EV insurance products and a streamlined digital approach, Zuno General Insurance achieved significant growth in sales and premium collections, highlighting rising demand for customized motor insurance solutions across India.
23 Dec 2024 | 1784 Views | By Autocar Professional Bureau
Zuno General Insurance, previously known as Edelweiss General Insurance, has reported a 20% increase in sales during the festive season. The company also recorded a 41% rise in premium collections, driven by higher demand for motor insurance products, particularly among consumers seeking digital and hassle-free solutions.
The insurer attributes ...
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Zuno General Insurance, previously known as Edelweiss General Insurance, has reported a 20% increase in sales during the festive season. The company also recorded a 41% rise in premium collections, driven by higher demand for motor insurance products, particularly among consumers seeking digital and hassle-free solutions.
The insurer attributes its growth to innovative products such as electric vehicle (EV) insurance, tailored offerings, and value-added services. Popular add-ons like zero-depreciation cover and roadside assistance have seen significant interest. The company’s motor insurance segment saw a notable rise in private car insurance contracts, reflecting growing consumer demand for comprehensive coverage.
The festive season, primarily in October and November, witnessed strong demand despite the delayed start in September due to a prolonged monsoon.
Zuno’s digital-first approach has been a key factor in its performance. The company has streamlined processes for policy issuance, claims, and renewals, making them faster and more accessible. Additionally, its telematics-based products, such as “Pay-As-You-Drive” and “Pay-How-You-Drive,” have gained traction among customers looking for customized insurance options.
Nitin Deo, Chief Technical Officer at Zuno General Insurance, stated, “This festive season has reinforced our focus on providing innovative and accessible insurance products. The 20% sales growth highlights the trust in our offerings, especially as the demand for electric vehicle insurance grows. We are committed to delivering solutions that meet the evolving needs of our customers.”
Between July and September of FY25, Zuno recorded a 26.4% year-on-year increase in motor insurance claims, primarily due to natural calamities, including floods. States such as Gujarat, Telangana, and Andhra Pradesh reported higher flood-related damages. Zuno emphasized the importance of additional covers, including engine protection, roadside assistance, consumables, and zero depreciation, to safeguard vehicles against unforeseen incidents.
The company highlighted a significant claim settlement during FY25, with the highest claim amounting to ₹11,28,680 and the lowest at ₹1,665.
As part of its growth strategy, Zuno plans to expand its presence in India’s competitive insurance market. The company aims to leverage technologies like artificial intelligence and dynamic pricing models to cater to changing market demands. With its digital infrastructure and customer-focused approach, Zuno is positioned for future growth opportunities.